Biz-Econ

Traders in arrest panic, business may stall

A few businessmen who are supporters of the ousted Awami League government or directly hold office have been arrested in the last two months. Others are not so relieved either. They also fear arrests, which business leaders say could negatively affect business and new investments. It may also slow down some of the steaming business.

After the fall of Awami League, some big businessmen have already been arrested. Although most of the arrested are associated with the politics of the ousted political party Awami League, the issue is also a concern for other businessmen. 

Thousands of people work in these business establishments. If business is affected by their arrest, the impact will be on the entire economy and employment. That won't be very pleasant for anyone. But everyone agrees on punishing real criminals or corrupt businessmen, as long as it does not harm the institution.

After August 5, former Prime Minister's private sector investment adviser Salman F Rahman, Exim Bank's former chairman Nazrul Islam Majumder, Dhaka North City Corporation mayor and BGMEA's former president Md. Atiqul Islam, former president of BGMEA and Member of Parliament Abdus Salam Murshedi. However, many businessmen including Salman F Rahman and Nazrul Islam Majumdar are alleged to be involved in financial corruption.

After the political change, several businessmen close to the ousted government went into hiding to avoid arrest. They were active in various committees related to trade and commerce, even if they did not have direct high positions. As a result, the smooth operation of businessmen's normal activities has been challenged to some extent.

An export-oriented businessman who did not wish to be named told Jago News, "I am afraid of arrest because I am involved in Awami League politics. But I have not committed any kind of criminal activity. If the law enforcement agency can prove any crime against me, I am willing to accept any punishment without hesitation. But doing so without proper investigation or proof will tarnish the image with customers and society. Businesses will suffer, employing hundreds of people.'

Considering the overall situation, businessmen and economists fear a slowdown in investment and erosion of confidence in new investments. They feel that matters should be handled with caution.

"It is not true that all businessmen are corrupt or politically connected. On the other hand, businessmen involved in politics are corrupt - this is also not right. We are generalising things, which has put us in a crisis of image. BKMEA Executive President Fazle Shamim Ehsan commented.

He said, 'I am always in favour of justice and punishment of real criminals. If a businessman is involved in politics and abuses power and commits corruption, he must be punished. But keeping the business running is very important.

He claimed, "If we can't ensure justice and run factories, it will have a negative impact on the economy and employment." Even making new investments can be affected.

"Government has to create a place of trust. Because if there is fear, the businessmen will not go to invest. The interim government should give a clear message about how they will facilitate business,' said Fazle Shamim.

Business leaders think they should value business identity, not politics. Abdullahil Raqib, former senior vice-president of BGMEA, told Jago News, "Irrespective of political ideology, an entrepreneur should be considered a businessman rather than a politician. If a businessman is perceived as political, it can harm his organization, which employs hundreds or thousands of people.'

"For the sake of economy and employment, no action should be taken against the traders, which may harm the activities of the organisation. If they are found guilty, action should be taken without harming the organisation and the people who depend on it for their livelihood," said the business leader.

An economist, who did not want to be named, said, "We should not spare anyone who is involved in corruption. But there is an argument that we shouldn't put those people out of business. Because it will hurt the economy and jobs.”

"Government should bring back normalcy in the business environment through justice. The government needs to send a clear message that they will not take political considerations but ensure justice. If the corrupt are not punished, it will encourage others to commit wrongdoing. Now is the time to crack down on the corrupt and reward good businessmen,” he added.

Similarly, he felt that the position of the government should be clarified to encourage new investors.